Ibotta (NYSE:IBTA) Stock Price Down 4.8% Following Insider Selling

Key Points

• Ibotta shares fell 4.8% after insider selling, trading as low as $30.80 and last changing hands near $31.81.
• Director Thomas D. Lehrman sold multiple blocks of shares in May, reducing his stake by roughly 30% to 42% in the disclosed transactions.
• Analysts are mixed on the stock: the consensus rating is “Reduce” with a $33 target, though Needham and Evercore recently set more optimistic targets and ratings.

Ibotta, Inc. (NYSE:IBTA - Get Free Report)'s share price dropped 4.8% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $30.80 and last traded at $31.81. Approximately 20,895 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 285,468 shares. The stock had previously closed at $33.40.

Specifically, Director Thomas D. Lehrman sold 19,788 shares of the company's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $32.11, for a total transaction of $635,392.68. Following the completion of the transaction, the director directly owned 32,981 shares of the company's stock, valued at approximately $1,059,019.91. This represents a 37.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Thomas D. Lehrman sold 30,119 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $30.78, for a total transaction of $927,062.82. Following the completion of the transaction, the director owned 40,744 shares in the company, valued at $1,254,100.32. This represents a 42.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In related news, Director Thomas D. Lehrman sold 26,000 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $30.79, for a total value of $800,540.00. Following the transaction, the director directly owned 62,750 shares of the company's stock, valued at $1,932,072.50. This trade represents a 29.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on IBTA shares. Zacks Research cut Ibotta from a "hold" rating to a "strong sell" rating in a research report on Friday, May 8th. Weiss Ratings reissued a "sell (d)" rating on shares of Ibotta in a report on Friday, March 27th. Needham & Company LLC lifted their target price on shares of Ibotta from $33.00 to $45.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Wall Street Zen upgraded shares of Ibotta from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Finally, Evercore set a $40.00 price objective on shares of Ibotta in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, Ibotta presently has a consensus rating of "Reduce" and a consensus target price of $33.00.

Ibotta Trading Down 4.0%

The company has a market cap of $648.02 million, a price-to-earnings ratio of -94.35 and a beta of -0.61. The company's 50 day moving average price is $31.30 and its 200 day moving average price is $26.18.

Ibotta (NYSE:IBTA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.21) by $0.45. Ibotta had a negative net margin of 2.15% and a negative return on equity of 2.39%. The business had revenue of $82.48 million for the quarter. During the same quarter last year, the firm earned $0.02 earnings per share. The company's revenue was down 2.5% compared to the same quarter last year. Sell-side analysts predict that Ibotta, Inc. will post -0.29 earnings per share for the current year.

Ibotta declared that its Board of Directors has initiated a share repurchase program on Wednesday, March 11th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 21.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Rhumbline Advisers lifted its holdings in Ibotta by 2.0% in the third quarter. Rhumbline Advisers now owns 19,256 shares of the company's stock valued at $536,000 after acquiring an additional 380 shares during the period. CWM LLC grew its stake in shares of Ibotta by 50.8% during the 3rd quarter. CWM LLC now owns 1,422 shares of the company's stock worth $40,000 after purchasing an additional 479 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Ibotta by 5.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company's stock valued at $396,000 after purchasing an additional 515 shares in the last quarter. Quantbot Technologies LP lifted its stake in shares of Ibotta by 34.6% in the third quarter. Quantbot Technologies LP now owns 2,420 shares of the company's stock valued at $67,000 after purchasing an additional 622 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Ibotta by 5.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 17,769 shares of the company's stock valued at $404,000 after purchasing an additional 855 shares during the period.

About Ibotta

Ibotta NYSE: IBTA is a Denver‐based mobile commerce platform that connects consumers, retailers and brands through a unified cash-back rewards experience. Users access the Ibotta mobile app or browser extension to unlock rebates on everyday purchases, redeemable on groceries, retail goods, travel bookings and digital services. The platform integrates with major supermarket chains, big‐box retailers and online merchants, enabling shoppers to earn automatic cash-back both in physical stores and across e-commerce channels.

Founded in 2012 by co‐founder and CEO Bryan Leach, Ibotta has evolved from a simple rebate app into a comprehensive performance marketing partner for consumer goods companies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.